On Wednesday, Moody’s Investors notified the Town of Woodbridge that it had reaffirmed the Town’s Aaa bond rating. This is significant in that during the recently completed town elections, voters were inundated with letters claiming that the town was in danger of losing its bond rating due to poor fiscal management, and other letters and mailings claiming the town’s finances were in excellent condition. The Moody’s report confirms that town finances are in fact sound and fiscally strong.
The report is clear in that the town has “a stable tax base with substantial wealth and income levels. The town has strong financial management including adoption of a formal fund balance policy and a manageable debt position.” It goes on to say that “the town has a moderate amount of enterprise risk with ownership in a golf course.”
The latter statement is the driving force behind the need to come up with a plan for the country club. Ellen Scalettar has made the resolution of the country club issue her top priority and for the good of the town we need to come up with a plan that moves the town forward. I am confident a number of plans will be presented and the ultimate decision will be made by the residents of Woodbridge.
Moving forward, the town finances will continue to be handled by the competent town hall financial department and the Board of Finance, together with Ellen and Tony Genovese. I can assure town residents that Woodbridge will continue to operate under the strong financial practices that has made the town a model of financial strength and stability.
Matthew T. Giglietti
Chairman Woodbridge Board of Finance